What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

What‘s Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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3849 E Alameda Lane Gilbert, AZ 85298

$1,173,000

3 Beds

3.5 Baths

2,711 SqFt

Status Active Under Contract

MLS # 6735698

Property Type Single Family Residence

Price Type --

Stunning home in exclusive gated community of Legacy at Seville! Minutes to Seville Golf & Country Club with direct neighborhood access to clubhouse, fitness and aquatic center. This open concept single level home stuns with an open floor plan including soaring ceilings, designer upgrades, custom lighting, and plank flooring. View continues to the resort-like back yard with heated pool/spa, swim up bar, and sunken gazebo pre-plumbed for outdoor kitchen. Gourmet kitchen includes huge center island, quartz countertops, and walk-in pantry. Split plan includes 2 ensuite guest rooms w/ walk-in closets, and generously sized office. Primary suite features a custom walk-in closet and double vanity in the bathroom, with oversized zero-entry shower and soaking tub. Laundry room features more custom cabinets and hanging bar for extra storage. This smart home includes 47 owned solar panels, 4 Tesla Powerwalls, and Tesla car charger in garage. Whole-home Aquasana water filter included. Landscaped yard includes turf for low maintenance. Home is convenient to major roadways for business/commuting, airports, shopping, schools, and Valley entertainment. Luxurious Toll Brothers home you must see to believe!

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6942 E Whispering Mesquite Trail Scottsdale, AZ 85266

$1,170,000

3 Beds

2 Baths

1,974 SqFt

Status Active Under Contract

MLS # 6747244

Property Type Single Family Residence

Price Type --

Absolutely stunning 3 bedroom remodel. Prime culdesac location in the gated Terravita Golf Club Community w/private pool/spa and views. Light and bright w/high ceilings and open split floor plan, which has been expertly redesigned. New in the last 24 months - wood flooring, remodeled kitchen, bathrooms, paint, lighting fixtures, tankless hot water heater, fireplace, closet design, roof and AC. Nearly every surface has been reimagined to create the ultimate modern living space while maintaining a warm and comfortable ambience. 1 year old pool/spa was custom built to compliment the serene outdoor space. Just a short walk to the resort-style heated pool, clubhouse dining, fitness and art studios, walking trails and top tier golf with breathtaking Sonoran Desert views. Truly a must see!

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11 E Venado Drive New River, AZ 85087

$1,170,000

4 Beds

3 Baths

3,298 SqFt

Status Active

MLS # 6742683

Property Type Single Family Residence

Price Type --

Welcome home to breathtaking mountain/sunset views on this private 4.76 acre property w/ top of the line updates in all the right places. This home offers 4 bedrooms, 3 baths + office/flex space. The all new kitchen remodel offers sleek concrete countertops, high end appliances including induction oven, all new mid century modern slow-close cabinetry w/ plenty of storage and spacious walk-in pantry. Modern lighting paired with so much natural light add to the elegance of this home. Expansive living room w/ extra high ceilings is the dream space for family gatherings. Impress your guests w/ Legrand Q-motion electric shades at the touch of a button. Energy savings include Lennox HVAC variable speed installed in 2023 & added insulation. Exterior painted '23 w/ Low VOC paint. Interior offers all new ceiling fans, baseboards, tile flooring, neutral paint throughout, updated bathrooms, lighting, all new doors and so much more! Spacious master w/ walk-in closet includes ensuite w/ jetted tub, separate shower & prvt toilet. Washer/dryer included. Built-in BBQ under covered patio sits just outside kitchen next to outdoor seating area to enjoy every bit of nature this home offers. Oversized 4+ car garage offers front & rear garage doors, workshop space & window A/C. Plenty of room to put in a pool or store RV, recreational toys or machinery. Canopy provides additional space for parking or horses/animals. Easy access to I-17 for nearby city amenities.

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2144 E State Avenue Phoenix, AZ 85020

$1,170,000

3 Beds

3 Baths

2,487 SqFt

Status Active

MLS # 6762011

Property Type Single Family Residence

Price Type --

Discover this stunning executive home in the highly sought out Lincoln View neighborhood, offering both breathtaking mountain and city views. This 3-bedroom, 3-bathroom gem has been meticulously renovated with a Desert Organic Design, filling the space with natural light. Perfect for entertaining, the open-concept floor plan features a chef's kitchen with custom cabinetry, a large quartz island, stainless appliances, a walk-in pantry, and an elegant quartz backsplash. The living area seamlessly extends to the outdoor pool, providing an incredible backdrop of Piestewa Peak. Additional highlights include new windows, upgraded flooring, luxury-tiled bathrooms, and fresh neutral paint throughout. Enjoy professional desert landscaping, a sparkling pool, a new roof, and an epoxy-coated 2-car garage. Plus, the private entrance to the Piestewa Peak hiking trail is just steps away, with easy access to freeways, high-end shopping , golf courses, dining, and entertainment. Don't miss your chance to own this exquisite home in an unbeatable location

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3208 N Mansfield Drive Litchfield Park, AZ 85340

$1,169,900

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6726527

Property Type Single Family Residence

Price Type --

Welcome to one of Litchfield Parks renowned-exclusive gated communities with 1 acre lots, Litchfield Farms... This 4141 SF 5BR/4Bath sanctuary offers an abundance of peace & quiet, space & comfort & mountain views. Introducing striking soaring ceilings as you enter the door & formal living area. New carpet & marble tile leads you to the heart of the home, featuring a great room with gas fireplace & a large chef's kitchen that boasts a center island with granite counters, staggered cabinets, gas cook top, convection wall oven & pantry. The upper level the loft makes a great game or teen room or quiet reading space. Spacious master suite with vaulted ceilings & a cozy fireplace. Spa-like master bathroom features dual vanities, tub, separate shower & double walk-in closets, etc... It's a true retreat with a private balcony to enjoy your gorgeous views with your morning coffee or desert sunsets. Den could easily be converted to 6th bedroom. Downstairs has 2 bedrooms, 1 is a full guest ensuite. Relax in your massive backyard that features mature trees, huge grass area, Pool, spa & shaded ramada, outdoor fireplace, fire pit, outdoor kitchen with built in grill, side burner, sink & fridge. ... The fenced off side yard corrals your toys, HOA approved RV parking and plenty of room for your trucks trailers & toys. Oversized 3 -car garage with extra storage space, circular driveway & ample parking. Large Laundry room with built-in cabinets. Plush carpeting, marble tile and plantation shutters throughout. Your dream home is move in ready w/ multiple -mounted TV's & New AC Unit 2021. Plenty of space to add a workshop, RV garage or casita. Conveniently located less than 5 minutes from the I-10 & 303, 35 minutes west of Central Phoenix, with easy access to shopping, dining, golf courses & top rated school districts. A MUST SEE !

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9626 E Bunny Ear Lane Gold Canyon, AZ 85118

$1,169,000

4 Beds

2.5 Baths

2,483 SqFt

Status Active

MLS # 6715417

Property Type Single Family Residence

Price Type --

This Exquisite Custom Home backs Private Federal and State Land. Spectacular views of Superstition Mountains, City lights, Dinosaur Mountain, Hiking Trails, and Golf Courses. This Luxury and Craftsmanship Home Features 2x6 Exterior Frame Construction, Urethane Foam, Sand Stucco Finish, Exterior Stone, Anderson 100 Series Dual Panel Glass, 3 Panel Retractable Walls of Glass in Great Room. Trane HVAC, Electric Car Charging Station, Security, Central Vac, Nest Thermostats, 42'' Cabinets, Quartz Countertops, Kitchen Island Waterfall, Pot Filler, Bosch Appliance Packages, and so much more. Designed for future Observation platform and space for future RV Garage, Shop and/or Parking. Completion Nov 2024.

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6047 E Sienna Bouquet Place Cave Creek, AZ 85331

$1,162,500

4 Beds

3 Baths

2,945 SqFt

Status Active

MLS # 6748100

Property Type Single Family Residence

Price Type --

PRICED TO SELL!! Discover the epitome of comfort and elegance with this beautifully designed home featuring an attached guest casita. The casita is fully equipped with its own kitchen, living area, bedroom, stackable washer/dryer, and garage, offering privacy and convenience for guests or extended family. This gem flaunts excellent curb appeal with a desert front yard, stone accents, a 3-car garage, and a gated courtyard entrance leading into a spacious great room. The designer-updated chef's kitchen is a highlight, showcasing gleaming Taj Mahal Quartzite counters and backsplash, cream cabinetry with crown molding, a walk-in pantry, a sizable island with a breakfast bar, and high-end GE Monogram stainless steel appliances, including a wine fridge and gas cooking.

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4222 E Hunter Court Cave Creek, AZ 85331

$1,161,033

3 Beds

3.5 Baths

3,050 SqFt

Status Active

MLS # 6736554

Property Type Single Family Residence

Price Type --

Quick Move-in Ready Home! Backyard Landscaping included! Peak View is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Plan One home is situated on a view lot that backs to open space and features 3,050 SF, 3 bedrooms, 3.5 baths, a 3-car garage, game room, den, and an open-concept kitchen with a large island and quartz countertops. Additional upgrades include desert front yard landscaping, Nantucket Shaker white cabinets, garage epoxy coating, and more!

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2299 W Adobe Dam Drive Queen Creek, AZ 85144

$1,160,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6735435

Property Type Single Family Residence

Price Type --

Nestled in the heart of Queen Creek, this stunning 3.41-acre equestrian estate offers the perfect blend of tranquil country living and nearby city amenities, all without the constraints of an HOA. This exceptional property boasts a 40x36 breezeway barn with two fully matted 12x20 pipe stalls, complemented by 20x30 and 10x30 Del Mar Livestock pens, complete with a misting system and automatic waterers. The stalls open to a 120x100 sand arena, and equestrian amenities include a tack shed, cross ties, and a wash rack. The newly constructed poultry complex features four extra-large commercial coops designed with a hatchery layout. The entire property is secured by a custom iron gate, no-climb fencing, and a perimeter wall, offering peace of mind and privacy. Enjoy the breathtaking mountain views and serene Arizona sunsets by the outdoor firepit. Inside, the open layout showcases elegant white cabinetry, monochrome tile, quartz countertops, and a cozy gas fireplace. The Jack & Jill bathroom is ideal for families, and a spacious office doubles as a potential fourth bedroom. The master suite includes a generous walk-in closet and a dual-head shower. Additional amenities include a propane gas tank for the stove and fireplace, a newly paved driveway and walkway, a 50x22 RV structure, 50AMP outlets, a fully air-conditioned 4-car garage with custom epoxy flooring, and fruit trees by the horse arena. Conveniently located minutes from shopping, dining, parks, and hiking trails, this Queen Creek estate offers a unique opportunity to enjoy country living with all the conveniences of city life.

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7241 E Camino Rayo De Luz -- Scottsdale, AZ 85266

$1,160,000

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6754806

Property Type Townhouse

Price Type --

Gated community for 55+ and former model home. Tall ceilings greet you with stunning finishes. Big Quartz island in the modern kitchen with s/s appliances, big farm sink, double Monogram ovens and gas cooking. Walk in pantry with glass door insert. Small office/nook off the kitchen. Gas fireplace in family room. Master bedroom is good size, Dual sinks, walk-in closet in master bathroom, Fully furnished, turnkey home to include TV and over $40,000 in electric remote window shades and outside patio sunscreen. $10,000 for home water system. Pocket sliding door to private patio with a BBQ and pool. Pickleball court & community pool as well. Used very infrequently since purchased as a second home. Shopping and restaurant a short walk south of subdivision with shortcut thru path.

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1331 E Voltaire Avenue Phoenix, AZ 85022

$1,159,000

5 Beds

3 Baths

3,842 SqFt

Status Active

MLS # 6707762

Property Type Single Family Residence

Price Type --

Stunning 5BR/3BA home in Moonridge Golf Estates w/ spectacular views all around! Substantial remodel in 2021, w/ add'l upgrades since to include: full roof replacement, new Rheem water heater + Grundfos recirc pump, garage mini-split for climate control, epoxy garage floors, new cabinets, workbench & Omni Track tool holders, Belgard pavers, quartz counters/marble backsplash in kitchen & laundry, & quartz shower walls + ceramic tile floors in add'l baths. Floor plan provides great entertaining space downstairs incl. lg kitchen w/ oversized island & full bed/bath that could serve as guest suite or second primary. Upstairs find lg. beds all w/ walk-ins, gorgeous primary ensuite w/ mountain views + step out balcony. Backs to hillside wash providing privacy, views & those AZ sunset skies!

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7175 E Camelback Road Unit 202 Scottsdale, AZ 85251

$1,159,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6753329

Property Type Apartment

Price Type --

Experience unparalleled elegance and comfort in this stunning two-bedroom, two-bathroom, all en suite residence located in the highly sought-after Scottsdale Waterfront Residences. Designed with a split floor plan for maximum privacy and convenience, this home features a beautifully updated interior with newly painted walls and exquisite wood floors throughout. Enjoy a serene, quiet retreat on your private balcony, perfect for relaxation and taking in the surroundings. Scottsdale Waterfront Residences offers exceptional amenities, including a dedicated concierge service, valet parking, a rooftop pool with spectacular views, and a state-of-the-art fitness center. Located within walking distance to the renowned restaurants and shops at Fashion Square, as well as the vibrant Old Town Scottsdale and Scottsdale Waterfront.

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